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February 26, 2014updated 04 Apr 2017 2:28pm

Bank Windhoek to buy Capricorn Asset Management for US$11.67 million

Namibia-based Bank Windhoek Holdings has agreed to purchase the entire issued share capital of Capricorn Asset Management (CAM) for NAD128 million (US$11.67 million).

By Verdict Staff

Namibia-based Bank Windhoek Holdings has agreed to purchase the entire issued share capital of Capricorn Asset Management (CAM) for NAD128 million (US$11.67 million).

CAM is a licensed local and independent asset management company with NAD$10.4 billion under management as of 31 December 2013.

Capricorn Investment Holdings, Nam-mic Financial Services Holdings and the Bank Windhoek Holdings Group Employee Share Ownership Trust collectively hold 100% shareholding in the issued ordinary share capital of CAM.

Christo de Vries, managing director of Bank Windhoek, said: "The key motivations for the transaction are to drive synergies between the value offering in the Bank Windhoek Holdings Limited group and CAM, the diversification of Bank Windhoek Holding’s income streams, and growth potential."

Currently, CAM manages and administers 13 unit trust funds and a number of segregated portfolios, which amongst others include pension fund mandates.

The transaction is subject to certain conditions, including the performance of a due diligence investigation to the satisfaction of Bank Windhoek Holdings, approval from the Bank of Namibia as well as approval by the Namibia Financial Institutions Supervisory Authority (Namfisa).

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